Indian maize prices rise in spot markets on low supply.
Ram Gopal Yadav (9 years ago)

The most active June contract of rabi maize on the NCDEX also ended down due to easing weather conditions in Bihar, the largest producer for the current season. The June maize contract on the NCDEX ended down 1.6% from the previous close. Rains in parts of Bihar had disrupted maize supplies to markets and triggered concerns of damage to the crop. Only 300 tonnne of maize arrived in Purnea market down from nearly 2,000 tonne on previous close. Lower supplies also lifted spot prices of the coarse grain and it was sold up 10-15 rupees from previous close.

NCDEX coriander hits 1-week low on lower demand.
Ram Gopal Yadav (9 years ago)

Futures contracts of coriander on the NCDEX extended losses and hit a one-week low because of weak demand from domestic consumers. The fall in prices was also triggered by a 231-tonne rise in inventories at exchange-designated warehouses at 21,402 tonne on previous close. The most active May contract on the NCDEX was down 0.55% from the previous close. In Baran, wholesale market in Rajasthan, the Badami variety of coriander and the Eagle both sold unchanged from previous close. Arrivals were also unchanged at 6,000 bags (1bag=40 kg).

NCDEX cotton oilcake down 2% on selling pressure.
Ram Gopal Yadav (9 years ago)

Futures contracts of cottonseed oilcake on the NCDEX declined over 2% due to selling pressure as cotton output is likely to increase in 2017-18 (Oct-Sep). India Meteorological Department has projected normal southwest monsoon rainfall in 2017. Good rains boost cotton production. On the NCDEX, the most active May contract of cottonseed oilcake traded down 1.9% from the previous close. In Akola, the benchmark market for cottonseed oilcake in Maharashtra, the commodity was sold down 25 rupees from previous close. In Kadi, Gujarat, the prices were unchanged. Sufficient supply and sluggish demand due to availability of cheaper alternatives for cattle feed also weighed on cotton prices.

Delhi wheat down on low demand from coastal states.
Ram Gopal Yadav (9 years ago)

Delhi wheat down on low demand from coastal states. Mill-quality wheat was sold down 20 rupees in Delhi from previous close. Coastal states of Maharashtra, West Bengal, and south Indian states have already imported wheat for their stocks lower than the prevalent prices in north India. This has led to lower demand from these states. Arrivals in Delhi were around 35,000 bags (1bag=100kg). Prices have fallen as demand for wheat from Mumbai, West Bengal, and southern states is weak as there is a lot of imported wheat stocked at ports. India wheat imports in 2016-17 (Apr-Mar) are estimated at a record high 5.5 million tonne of the total imported wheat, nearly 2 million tonne is still unsold.

Govt procures 16.5 million tonne wheat this month, up 13% on year.
Ram Gopal Yadav (9 years ago)

The government today said it has procured 16.5 million tonne wheat since the start of the fiscal year this month, up 12.8% from a year ago. The procurement was the highest in Punjab, where the government has purchased 6.4 million tonne wheat so far, up 12% from the year-ago period. In Haryana, another major producer of wheat, the government has bought 5.7 million tonne of the grain, up 5.6% from a year ago. The government has purchased 3.6 million tonne wheat in Madhya Pradesh, up nearly 15% on year, while in Uttar Pradesh, it has bought 321,105 tonne so far, sharply higher than 105,246 tonne in the year-ago period. The Uttar Pradesh government has set a target to procure 8 million tonne wheat this year, much above the central government’s 3-mln-tn target for the state. The central government has set a target to procure 33.0 million tonne of wheat for the current marketing season, up from 22.9 million tonne a year ago.

USDA sees Australia 2017-18 wheat exports down 18% year of year.
Ram Gopal Yadav (9 years ago)

Exports of wheat from Australia in 2017-18 (Oct-Sep) are likely to fall by 18.2% on year to 18 million tonne due to transportation problems. Strong exports of pulses and canola due to higher demand for these commodities may lead to a hassle in transportation facilities and is likely to hit wheat exports. The port and logistical problems due to a shortfall in shipping containers may hamper wheat exports. Australia caters to a significant part of India wheat imports. India is also expected to import lesser wheat this year due to a bumper crop at home.

Bangladesh Wheat imports poised to rise.
Ram Gopal Yadav (9 years ago)

Bangladesh wheat imports go up to 57 lakh tonnes in 2016-17 due to record low prices in the international market and comparatively high prices in the local market. The country imported 43.66 lakh tonnes of wheat in fiscal 2015-16. The forecast came after import of the grain rose 45 percent year-on-year to 44.75 lakh tonnes in July-March of fiscal 2016-17. The private sector accounted for 94 percent of the total wheat imports during the period. Bangladesh meets 75 percent of its wheat consumption needs through imports, sourcing lower quality wheat from Russia and Ukraine, and higher quality wheat from Canada, Australia and the US. 40 percent of wheat imported was sourced from Russia and 30 percent from Ukraine during 2016-17. The USDA, however, cut its estimate on wheat production to 12.75 lakh tonnes for fiscal 2016-17 because of a decline in plantation last winter. Wheat production was 13.48 lakh tonnes in fiscal 2015-16, posting marginal gain. The cereal import has been rising fast since fiscal 2012-13 spurred by increased consumption. The country imported 37.84 lakh tonnes of wheat in fiscal 2014-15.